Chapter 4 - Government and Nonprofit Chapter 4 Accounting...

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Government and Nonprofit Chapter 4: Accounting for Governmental Operating Activities 4-1 Examine the CAFR A. Governmental Activities, Government-Wide Level 1. Are governmental activities reported in a separate column from business-type activities in the two government-wide financial statements? - Yes, they are separated under the heading Function/Program PRIMARY GOVERNMENT 2. Are assets and liabilities reported either in the relative order of their liquidity or on a classified basis on the statement of net assets? - Relative Liquidity 3. Is information on expenses for governmental activities presented at least at the functional level of detail? - Yes 4. Are program revenues segregated into (a) charges for services, (b) operating grants and contributions, and (c) capital grants and contributions on the statement of activities? - Yes B. General Fund 1. What statements and schedules pertaining to the General Fund are presented? - Balance Sheet, Statement of revenues, Expenditures and Changes in Fund Balances 2. In what respects (headings, arrangements, items included…) do they seem similar to the year-end statements illustrated or described in the text? - They are very similar to the year-end statements illustrated in the text in all respects to headings, arrangements, and other items included 3. In what respects do they differ? - The Owensboro General Fund includes receivables and liabilities 4. What purpose is each statement and schedule intended to serve? - To give a general breakdown of each fund within the city limits
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This note was uploaded on 06/15/2011 for the course ECON 101 taught by Professor Anderson during the Spring '11 term at Owensboro Community and Technical College.

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Chapter 4 - Government and Nonprofit Chapter 4 Accounting...

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